证券市场先行赔付制度研究

Research on the Advanced Compensation System in Securities Market

民事赔偿是投资者在利益受损情况下依法获得补偿的重要法律制度。从万福生科、海联讯以及欣泰电气三个案例的实践经验看,针对首次公开发行(IPO)欺诈发行案件,中国证券市场目前已形成以保荐机构为主体、以先行赔付为特点的对投资者的民事赔偿机制。先行赔付在司法途径之外借助证券市场各方力量构建了资本市场民事主体之间主动和解的新路径,是探索证券期货纠纷多元化解机制的有益实践。实践证明,以专项基金为模式的先行赔付机制是一种有效有益的投资者利益保护相关纠纷的非讼解决机制,特别是对推动构建完善资本市场投资者损失赔偿制度、积极主动保护投资者合法权益具有现实意义。先行赔付已初步显示出其优越性,但仍具有完善和规范的空间。

Civil compensation system is an important legal system established by the Se- curities Law for investors to obtain compensation in the case of damage to interests.From the practical experience of the three cases of Wanfu Biotechnology,Hirisun and Xintai Electric, an advance compensation mechanism for investors with regard to the initial public offering (iPO)fraudulent issuance cases has been formed in Chinese securities market.Besides the judicial channel,the advance compensation system provides a new path of active reconciliation between the civil entities in the securities market.Practice proves that the advance compensation system based on special fund model serves as an effective investor compensation mechanism,beneficial to both investors and intermediaries.Especially,it promotes the construction of a perfect compensation system,with practical significance of actively protecting the legitimate rights and interests of investors.As a non-litigation dispute resolution mechanism,the advance compensation system has initially shown its superiority.Meanwhile,it is imperfect and should be improved as soon as possible to make itself more standardized,scientific and reasonable.